Synopsis: It was a few years ago when trader, investor, and venture capitalist Brad Rotter expressed his belief to Michael Covel that technology was arbitraging away the need for human capital. People just aren’t needed anymore. This idea stuck with Covel and he explores the idea that, if people are needed less and less as technology increases, what do you do to get ahead? You can be replaced if you’re working for the man. It’s harder than ever to build a life around the beautiful little house and the white picket fence when your job might be taken out from under you as technology progresses. So what kind of strategy do you use in the face of that? You can become an entrepreneur. Covel thinks its one of the most exciting times ever for would-be entrepreneurs. Yes, some jobs are going away forever, but that just might be the kick in the pants you need to go and do something that matters: to make art of some kind, whether it’s painting, creating software, designing a trading system, developing a new way of teaching, or trading your own account. When you’re 90 years old you’ll be able to day that you didn’t just clock in for the man every day of your life. Who wants to be a desk jockey working for the man for minimum wage? Instead of being a cog in the wheel, you can make a new wheel. The simple notion of being an entrepreneur is the magic elixir in the face of the problem of technology arbitraging away the need for human capital: you create something new that is of value, someone buys it, and money is exchanged. The idea is that you control it. Technology can’t take your place if you’re bringing unique and new ideas to the table. Everyone has some sort of skill; everyone brings something to the table. But people are scared to make the leap. You have to have a belief in yourself; you can’t fear failure. Making mistakes is the magic that leads you to success. If you don’t have any mistakes under your belt, you have a fragile foundation. Ultimately, you can make people believe in you and compensate you for the value that you bring. All you need is your wit, your smarts, and your enterprising spirit to make something happen. DVD: www.trendfollowing.com/win.
Episode 55 Live
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